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Chinese shares tumble 4.56% on Wall Street woes

(Xinhua)
Updated: 2009-02-24 19:54

BEIJING -- Chinese share prices tumbled 4.56 percent Tuesday, as fears of economic downturn loomed and confidence was dampened by Wall Street's overnight fall to its worst finish since 1997.

A man looks at the electronic board of share prices at a securities exchange in Shanghai, on February 24, 2009. [Xinhua]

The benchmark Shanghai Composite Index, which covers both A and B shares, fell 4.56 percent, or 105.12 points, to 2200.65.

The Shenzhen Component Index on the smaller Shenzhen bourse was down 3.72 percent, or 324.68 points to 8403.02.

Total turnover stood at 250.4 billion yuan (US$36.66 billion).

Losers led gainers by 768 to 172 in Shanghai and 691 to 116 in Shenzhen.

Analysts said Wall Street's plunge and the Central Bank's warning of rising economic pressure due to possible inflation led to the escape of capital flow.

The financial sector still led the losses as the world financial system had not shown any signs of recovery.

China Merchants Bank dropped 6.5 percent after it announced Monday night that 4.799 billion non-tradable shares would be unlocked for trading as of next Monday.

Citic Securities, Northeast Securities, and Changjiang Securities all fell by nearly 10 percent.

The gold sector, however, did alright. Zijin Mining Group Co., Ltd., the country's largest gold producer, and Zhongjin Gold Co., Ltd., saw share prices rise 6.35 percent and 5.06 percent to settle at 9.54 yuan and 57.94 yuan, respectively.

The auto sector also recorded gains driven by the country's stimulus plan to rejuvenate the auto industry.

Hunan Changfeng Motors, Harbin Dongan Auto Engine, and Weichai Power, rose by 6.47 percent, 10.07 percent and 3.4 percent.

The Chongqing-based Chang'an Auto, Ford Motor's Chinese partner, surged by the 10-percent daily limit for the 7th consecutive day, after the company announced it would buy back as much as US$117 million worth of B shares on the Shenzhen bourse.